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DeFi Top Stories
On @0xPolygon:
◽$150M of swaps on primary markets
◽$100M of swaps on secondary markets
◽90k swaps
◽10k unique users
◽$50M of transfers
◽$15M of fiat on and off-ramps
◽$250k of payments
💥All of this enabled thanks to only $1M of liquidity. That's capital efficiency.
UST fiasco is very fishy.
- Terraform Labs removed $150m of UST liquidity from Curve yesterday
- 1 minute later, a freshly funded address bridged $84m of UST to Ethereum (Initiated bridging before TFL removed liquidity)
- 4 min later, it dumped the UST, triggering the sell-off
An $18 billion stablecoin is losing its dollar peg with all the magical chaos of algorithmic stables, with a dash of Bitcoin systemic risk drama.
Here's everything you need to know.
The $UST Depeg Thread:
👇
Peg update: We will likely see TFL (or someone) minting $luna at a loss for the next several days in order to absorb the $UST contraction. While this is necessary, it unfortunately takes the profitable peg arb trade away.
Smart Stake @SmartStake
Until next week~